For first time homebuyers, getting a mortgage loan can seem simpler on the surface than it winds up being. Getting a mortgage loan can be complicated as you need to:
- Provide an adequate down payment based on your income, assets, debt level, and credit score that ranges between 5-20% or more of the value of the home
- Show substantial documentation of your income and assets – and that of your spouse if you are married – to qualify for the best mortgage loan rates possible
- Pay the mortgage closing costs, which range between 3-6% of the total value of the mortgage loan
- Sign up for homeowner’s insurance before the mortgage loan is finalized
- Watch out for surprise factors that can spoil the deal and prolong the time from when you are pre-approved for the mortgage loan and when you actually get the title to the house
As a result of these factors, there’s a lot of work involved in between the time that you apply for the mortgage loan and when the previous homeowners hand their keys over to you. In order to cut down on the complexity, surprises, and fees of getting a mortgage loan, it’s good to work with mortgage loan bankers that you can trust.
In St. Louis, call Jefferson Bank at 314-469-8049 to set an appointment with a loan officer. We’ll make the process simpler – whether you’re a first time homebuyer or a veteran. You can also send us a message through our web-based contact form if you have any questions or would like to learn more about how our St. Louis bank can help make getting a mortgage loan easy.
Why Getting Pre-Approved Can Make Closing Easier
When you make an offer on a new home, you can strengthen your credibility by sharing that you’re pre-approved for a mortgage loan in excess of the value of the property. When you make an offer on a property, it can be a competitive process as other buyers may be looking at the house. You can cut down on the competition by getting pre-approved for a mortgage loan.
This will also encourage the sellers to act faster on the results of your home inspection should you find any defects that they need to address. If you’re not already pre-approved for a mortgage loan, the seller could potentially stall on making repairs and changes so that they can hold out for a better offer.
That’s why it’s best to get pre-approved for a mortgage loan before you even start house hunting. It means that you can make credible offers faster, and deals won’t get lost while you work to secure financing.
Contact Us to Apply for a Mortgage Loan in St. Louis
Even if your credit is less than perfect, you can be approved for a mortgage loan at affordable terms and conditions. At Jefferson Bank, our mortgage loan officers have substantial experience with St. Louis real estate dynamics and can help you to structure a mortgage loan that matches your needs and financial situation.
Call our St. Louis bank at 314-621-0100 to apply for a mortgage loan or for more information on the process. You can also use our online contact form to ask questions and learn more about our mortgage loan options in St. Louis.